Bitwise Hyperliquid ETF trades over $40 million in first three hours

The BHYP fund, which holds and stakes HYPE tokens, drew heavy early volume on NYSE Arca The Bitwise Hyperliquid ETF traded more than $40 million in its first three hours of trading. What BHYP actually holds The fund trades on NYSE Arca under the ticker BHYP. It carries CUSIP 09175T106, for anyone who likes their identifiers precise. BHYP holds HYPE directly. HYPE is the native token of Hyperliquid, a blockchain built for trading derivatives. The fund stakes approximately 70% of its holdings, with that share subject to monthly liquidity reviews. Staking means locking up tokens to help secure a network in exchange for rewards. It works a bit like earning interest on a deposit, except the bank is a blockchain and the interest is paid in more tokens. The roughly 30% left unstaked serves a practical purpose. ETFs need to handle redemptions, and staked tokens can’t always be pulled out instantly. In-house staking and a 0% net fee Bitwise handles staking through its own unit, Bitwise Onchain Solutions. According to the research findings, that makes BHYP the first US-based spot ETF to include in-house staking through that arm. The fund lists a sponsor fee of 0.34%, but a net expense ratio ...